Domestic credit to private sector in Nigeria
Nigeria: Domestic credit to private sector was 12.1% in 2020. ▲ Rising
Domestic credit to private sector in Nigeria, 1960–2020
Source: World Development Indicators (WDI), World Bank. Measured in % of GDP.
Analysis
The most recent figure for domestic credit to private sector in Nigeria is 12.1%, measured in 2020.
The figure is up 8.7% on the previous year and down 10.1% over ten years.
Over the whole period, domestic credit to private sector in Nigeria peaked at 19.6% in 2009 and was at its lowest, 3.7%, in 1960.
That places Nigeria 173rd out of 187 countries with data for 2020, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 61 years of available data.
Domestic credit to private sector in Nigeria, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | 3.7% | — |
| 1961 | 3.7% | +0.2% |
| 1962 | 5.6% | +50.4% |
| 1963 | 6.4% | +15.6% |
| 1964 | 6.3% | -1.7% |
| 1965 | 6.7% | +5.9% |
| 1966 | 7.2% | +7.5% |
| 1967 | 7.8% | +8.4% |
| 1968 | 7.9% | +0.7% |
| 1969 | 6.6% | -15.5% |
| 1970 | 4.9% | -26.0% |
| 1971 | 5.4% | +9.5% |
| 1972 | 6.1% | +13.9% |
| 1973 | 6.0% | -1.5% |
| 1974 | 4.7% | -22.3% |
| 1975 | 6.8% | +45.0% |
| 1976 | 7.6% | +11.8% |
| 1977 | 9.2% | +21.3% |
| 1978 | 11.0% | +18.9% |
| 1979 | 10.4% | -5.5% |
| 1980 | 12.2% | +17.7% |
| 1981 | 5.8% | -52.5% |
| 1982 | 6.5% | +11.2% |
| 1983 | 6.2% | -3.8% |
| 1984 | 6.3% | +0.9% |
| 1985 | 6.0% | -3.6% |
| 1986 | 7.6% | +25.4% |
| 1987 | 6.6% | -12.8% |
| 1988 | 6.1% | -8.1% |
| 1989 | 5.1% | -16.1% |
| 1990 | 5.0% | -2.6% |
| 1991 | 5.2% | +5.7% |
| 1992 | 8.2% | +57.1% |
| 1993 | 7.0% | -14.9% |
| 1994 | 8.0% | +14.7% |
| 1995 | 6.5% | -19.0% |
| 1996 | 6.2% | -5.1% |
| 1997 | 7.0% | +13.9% |
| 1998 | 7.6% | +8.4% |
| 1999 | 8.2% | +7.2% |
| 2000 | 8.2% | +1.0% |
| 2001 | 9.9% | +19.8% |
| 2002 | 8.1% | -18.2% |
| 2003 | 8.9% | +10.2% |
| 2004 | 8.5% | -5.0% |
| 2005 | 8.4% | -0.3% |
| 2006 | 8.1% | -3.7% |
| 2007 | 13.8% | +69.9% |
| 2008 | 18.6% | +35.1% |
| 2009 | 19.6% | +5.3% |
| 2010 | 13.5% | -31.3% |
| 2011 | 11.0% | -18.1% |
| 2012 | 10.6% | -4.0% |
| 2013 | 11.5% | +8.8% |
| 2014 | 13.3% | +15.3% |
| 2015 | 13.1% | -1.6% |
| 2016 | 14.6% | +11.7% |
| 2017 | 12.9% | -12.0% |
| 2018 | 10.2% | -20.3% |
| 2019 | 11.2% | +8.9% |
| 2020 | 12.1% | +8.7% |
Nigeria compared with similar countries
- Nigeria's 12.1% is below the median for lower middle income countries, which is 24.7%, 49% of the median. (46 countries reporting)
- Nigeria's 12.1% is below the median for Sub-Saharan Africa, which is 16.1%, 75% of the median. (48 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 6.2% | 3.7% | 7.9% | 10 |
| 1970s | 7.2% | 4.7% | 11.0% | 10 |
| 1980s | 6.8% | 5.1% | 12.2% | 10 |
| 1990s | 6.9% | 5.0% | 8.2% | 10 |
| 2000s | 11.2% | 8.1% | 19.6% | 10 |
| 2010s | 12.2% | 10.2% | 14.6% | 10 |
| 2020s | 12.1% | 12.1% | 12.1% | 1 |
Countries ranked near Nigeria
More financial sector data for Nigeria
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 1.01 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0006 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0.7387 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 1.01 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is domestic credit to private sector in Nigeria?
- Domestic credit to private sector in Nigeria was 12.1% in 2020, according to World Development Indicators (WDI), World Bank.
- What is the highest domestic credit to private sector recorded in Nigeria?
- The highest recorded value was 19.6% in 2009.
- What is the lowest domestic credit to private sector recorded in Nigeria?
- The lowest recorded value was 3.7% in 1960.
- How does Nigeria rank for domestic credit to private sector?
- Nigeria ranks 173rd out of 187 countries with data for 2020.
- Is domestic credit to private sector rising or falling in Nigeria?
- Over the last ten years it is down 10.1%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from World Development Indicators (WDI), World Bank, published as part of Domestic credit to private sector (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Domestic credit to private sector refers to financial resources provided to the private sector, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises.